Newcomers to the cryptocurrency industry need to find an exchange catering to their needs. Several companies are more open to novice users, whereas others focus on the needs of experienced traders. Striking a balance between the two creates a competitive advantage for any trading platform.
The name Coinbase is synonymous with cryptocurrency trading around the world. Part of its success is how it provides a convenient user interface for newcomers yet still addresses the needs of more experienced traders. In addition, setting up a Coinbase account is straightforward, and the educational material on the platform – and its associated rewards – attract much attention.
Other benefits of Coinbase include its broad support for cryptocurrencies (over 130), relatively low fees – up to 0.5%), and its mobile application providing a streamlined user experience across all devices. Moreover, the platform is operational in dozens of countries worldwide, giving it a big appeal as one of the go-to exchanges for beginners.
Square Cash App
Although the Cash App is far from a traditional exchange, it is the easiest way for users who want access to bitcoin and nothing more. The concept has a simple process to acquire BTC – or sell it – even though users cannot withdraw funds to their wallets. Even so, it is a viable option for those looking to gain exposure to the world’s leading cryptocurrency without much hassle.
One downside is that it does not expose anything else in the cryptocurrency space today. That is not necessarily a drawback for most users new to cryptocurrency, as it takes some time to get used to how this industry works. Although moving to one of the proper exchanges for beginners may be advisable over time, Cash App is a viable option for those dipping their toes in this world.
The transformation of Bybit from a derivatives-only trading platform to a full-fledged cryptocurrency marketplace has been significant. A fivefold increase in users confirms it was a smart decision. Moreover, Bybit is available in over 150 countries and ranks as one of the top exchanges for beginners on the market today.
The Bybit platform’s benefits to explore are its high uptime, high open interests, low slippage, and over 100 spot trading pairs to choose from. Moreover, the ByFi Center, which helps users grow their crypto holdings, is approachable to newcomers who want to diversify their holdings without headaches.
The Kraken exchange is often overlooked as one of the better exchanges for newcomers. It is a platform that caters to novice traders, intermediate users, expert traders, and even institutional clients. Moreover, as newcomers become more acquainted with the concept of crypto trading, they can tap into more advanced tools through the same ecosystem.
Like Coinbase, Kraken is accessible in dozens of countries and supports most fiat currencies – including USD and EUR. The company also provides exposure to different altcoins than Coinbase, which may matter to some newcomers. Additionally, the company has a solid reputation on the security front and provides ample trading liquidity.
Many cryptocurrency trading platforms are suited for newcomers who want to get acquainted with a new industry. The core aspect is providing a smooth trading experience without unnecessary bells and whistles. All exchanges listed above do a good job in that regard, with Bybit being the “newer” contender among exchanges for beginners.
Moreover, users can use fiat currencies across all of these platforms, streamlining acquiring crypto assets [for the first time]. Thanks to companies like Bybit, Coinbase, Kraken, and the Square Cash App, getting involved in bitcoin and other crypto-assets has become much more straightforward in recent years.